By DOH JAMES SONKEY
France through Societe Generale Paris has granted Cameroon a loan worth FCFA 108,65 billion to reinforce electricity network in the economic capital of Cameroon, Douala.
The two loan agreements were signed last March 7, 2018 in Yaounde between the government of Cameroon represented by the Minister of Economy, Planning and Regional Development, Alamine Ousmane Mey and the Managing Director, Head of Structured Export Finance Africa of Societe Generale France, Philippe Le Roch in the presence of Finance Minister, Louis Paul Motaze, Minister Delegate to the Minister of Economy in charge of Planning, Paul Tasong and French Ambassador to Cameroon, H.E Gilles Thibaut.
Government officials pose with French Ambassador and officials of Societe Generale France
The first loan worth FCFA 91,9 billion and the second one worth FCFA 16,77 billion are intended to fund a project for the reinforcement and stabilization of electricity transport network in the city of Douala.
Speaking at the occasion, Economy, Planning and Regional Development Minister, Alamine Ousmane Mey while expressing government’s gratitude to France as a traditional development partner of Cameroon said the project will enable electricity transport system to be increased in Cameroon’s economic capital, diversify energy supply zones and to minimize risks of power failure with energy production centres.
He underlined that the development of the energy sector which first phase consists in increasing the capacity of electricity production, followed by the extension of energy transport networks is, one of the pillars in the Growth and Employment Strategy Paper of Cameroon.
Stating that the execution of the project will generate both direct and indirect employment opportunities, Minister Ousmane Mey called on the representative of Bouygues enterprise, CANTON to facilitate the implication of Cameroonian enterprises in the execution phase.
On his part, French Ambassador to Cameroon, H.E Gilles Thibaut reassured Cameroon of his government’s continuous support.